Metaverse: New Opportunities and Challenges for Enterprises

The Metaverse, as a digital world composed of multiple virtual reality spaces, is gradually changing the way people live, work, and socialize. It brings new opportunities and challenges for the development of the digital economy, while also attracting the attention of numerous enterprises.

The Motivation for Enterprises to Enter the Metaverse

The reasons for enterprises to choose to enter the Metaverse are diverse. Firstly, the Metaverse offers enterprises a broader market and business opportunities. Through features such as virtual reality, virtual stores, and social interaction, companies can explore new marketing and sales channels. Secondly, the Metaverse provides more opportunities for data analysis and user feedback, which helps to enhance brand awareness and loyalty. Finally, entering the Metaverse can strengthen a company's brand image and influence, preparing them for the future development of the digital economy.

Case Study Analysis

Naixue's Tea

Nayuki's Tea launched 300 NFT blind boxes priced at 39 RMB each on the third anniversary in 2021. This event not only satisfied users' consumption desires but also enriched the brand's image and story. By cleverly utilizing users' compensatory consumption psychology, Nayuki's Tea achieved nearly 200 million RMB in total merchandise transaction volume within 72 hours, equivalent to the weekly sales of over 700 stores nationwide.

In June 2022, Naixue's Tea further expanded its Web3 strategy by launching the Naixue Paradise Metaverse and hosting a treasure-hunting party event. Users can personalize their avatars, dress up in virtual space, and participate in treasure-hunting activities to earn rewards.

Greenland Group

On the occasion of its 30th anniversary, Greenland Group purchased a BAYC NFT and issued derivative digital collectibles as part of the group's digital strategy. These digital collectibles serve as the only identification for users to enter Greenland's Metaverse "G-World". As "G-World" continues to develop, more rights and functions will be gradually unlocked.

Louis Vuitton

To celebrate the brand's 200th anniversary, Louis Vuitton has launched the mobile game "Louis: The Game." Players can explore the history of Louis Vuitton alongside the brand's mascot, Vivienne. By collecting virtual items and unlocking different levels, players can gain a deeper understanding of the brand's story. Players who complete the game will also have the chance to participate in a draw to win an NFT created in collaboration between Louis Vuitton and crypto artist Beeple.

Pepsi

Pepsi entered the NFT space in December 2021, launching the Pepsi Mic Drop series of NFTs, which are completely generated by AI algorithms. In 2022, Pepsi also created its first online concept store experience space, further expanding its presence in the Metaverse.

The Path to Building a Brand Metaverse

Creating a successful brand Metaverse requires being based on the company's own culture and brand effect. Many companies, while following the Metaverse trend, often simply use virtual reality technology and e-commerce components, neglecting the core concepts and technical elements of the Metaverse.

The true Metaverse should include support for blockchain technology and NFTs, which are key elements in building a decentralized, interoperable virtual world with real ownership and value exchange. NFTs grant uniqueness and verifiable ownership to virtual items, while blockchain technology provides a decentralized data storage and transaction mechanism.

Compared to native Web3 projects, traditional Web2 brands have certain advantages in the Metaverse because they already have a stable consumer base and traffic. However, to attract users in the Metaverse, companies need to tell unique stories through their own IP, showcase brand values and missions, and integrate with the characteristics of the Metaverse.

Case Study Analysis: Martell's Metaverse Journey

Martell, a French Cognac brand with a 300-year history, showcases how to perfectly integrate traditional brands with the Metaverse.

immersive interactive experience

Martell has created a virtual vineyard exploration experience, allowing users to visit the Château de Chanteloup either through a flat interface or in VR. This immersive experience enables users to delve into Martell's 300-year history and the culture of Cognac. Game elements are integrated into the exploration process, where visitors' activities are recorded and converted into "Martell Expert" certification levels, enhancing interactivity and fun.

Cross-border cooperation and innovation

Martell has partnered with the renowned Metaverse platform Sandbox, becoming the first cognac brand to enter the virtual world. They have also launched a limited edition NFT collection, featuring brand elements such as vineyards, blue ribbons, castle deer, and distillers, allowing users to own unique virtual assets.

Online and offline integration

Martell organizes on-site events, giving users the opportunity to interact face-to-face with the cellar master and gain an in-depth understanding of the Cognac production process. At the same time, they also provide users with the chance to create personalized Cognac in a virtual space, allowing them to experience the entire process from raw material selection to flavor customization.

Conclusion

The Metaverse provides brands with almost limitless creative space, allowing companies to create richer and more diverse virtual experiences. By integrating virtual goods, service economies, and advertising marketing, it achieves a perfect transformation between online activities and the offline economy. In the Metaverse, consumers can more intuitively experience brand culture and values, while companies can explore innovative business models and marketing strategies. With continuous technological development, the Metaverse will bring more exciting possibilities for businesses and consumers.